The CEO said the acquisition gave Pepper the appropriate scale to capitalise on future market opportunities, including a probe into bank profitability.
: Lenders say irrational pricing and ultra-competitivity has made NZ a hard market to crack.CEO Mario Rehayem says the banks are right.The New Zealand home loan market is irrational, unprofitable and ultra-competitive, major banks say. Still, that has not stopped non-bank lenderfrom picking up HSBC’s mortgage book as scrutiny on big Australian-owned institutions across the Tasman ramps up.
“We didn’t have to compete generating low-yield assets when we acquired this book because we are acquiring it on something that’s already been set up,” Mr Rehayem said. “We would not be acquiring a book of loans that would cost us more than what it would cost us to originate the same loans ourselves,” Mr Rehayem said, adding that the deal was negotiated wholly in-house.
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